WASHINGTON – Treasury Secretary Jacob Lew is telling Congress the steps he will be taking once the federal government hits the debt limit on Monday.
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Lew took the first step Friday by suspending issuance of special Treasury securities that are used by state and local governments. He says that on Monday he will stop making investments in a pension fund for government employees.
The nation's current debt stands at $18.1 trillion. Over the past year, the government has been able to borrow as much money as it needs to finance operations because Congress had suspended the debt limit.
However, the debt limit will go back into effect on Monday at the level where debt is currently. After that, Lew can employ various emergency measures to keep from going over the limit.